Resilient utility-like infrastructure model with robust tariff structure implemented across countries
Long-term contracts with creditworthy customers underpin stability and high visibility of cashflows
Solid track record of delivering growth with connected capacity increasing by more than 40% in the last five years
Diversified presence in attractive markets poised to witness rising district cooling penetration, thereby sustaining growth momentum
Leveraging partnership model to grow business and achieve operational excellence
27 years of operational track record to provide safe, reliable and efficient cooling
Sustainable district cooling services enabling significant energy savings and prevention of carbon emissions
The information and materials contained in or referred to in the materials on, and accessed through, this web page (together, the “Website”) in relation to National Central Cooling Company PJSC (“Tabreed”) and its funding programs and debt instruments is strictly provided for information purposes and as a matter of record and may only be shared with persons entitled to access this Website under applicable laws, regulations and directives in relevant jurisdictions.
Nothing on this Website should be construed as an offer to sell, an offer to buy, or an inducement or recommendation to buy or sell any Tabreed securities. This Website a) is not intended to constitute an investment advice or any other type of advice, b) should not be relied upon with regard to any investment decision or for any other purpose, and c) shall not be interpreted as an implicit form of contract with Tabreed or part thereof.
Tabreed does not warrant the fairness, accuracy, adequacy or completeness of this Website. To the maximum extent permitted by law, Tabreed, its subsidiaries and their respective directors, employees, agents and consultants disclaim all liability for any loss or damage of any nature and however caused from the use of, reliance upon, or in connection with, this Website. Information and materials on this Website are provided on an "as is" basis, and Tabreed herein declares that this Website may not be complete, adequate or up-to-date and hereby disclaims any and all liability deriving therefrom.
The materials and information on this Website that refer or relate to securities offerings by Tabreed do not constitute an offer to sell or the solicitation of an offer to buy securities as those terms are defined in the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities presented in those offerings have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered within the United States or to U.S. Persons (as defined in Regulation S under the Securities Act) absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements.
The credit ratings that appear on this Website are provided for use by persons who are not retail clients (as defined for the purposes of the Corporations Act 2001 (Cth)) and must not be used otherwise. Tabreed does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail clients under any jurisdiction in any country.
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AED Millions | 31 December 2024 |
---|---|
Interest bearing loans & borrowings | 2,045 |
Islamic financing arrangements | 641 |
Non-convertible sukuks | 946 |
Non-convertible bonds | 1,824 |
Total gross debt | 5,456 |
Finance lease liabilities | 192 |
Total debt including finance lease liabilities | 5,648 |
Tabreed has issued two $500 million USD fixed income instruments (Sukuk in Oct 2018 and Bond in Oct 2020), and established a Green Sukuk Programme in 2025 for US$ 1.5 billion.
Title | Amount | Profit Rate / Coupon | Coupon Frequency | Maturity | Link to prospectus |
---|---|---|---|---|---|
Green Sukuk | US$ 700 Million | 5.279% | Semi-Annual | 5 March 2030 | Sukuk Base Offering Circular |
Bond | US$ 500 million | 2.5% | Semi-Annual | 21 October 2027 | Tabreed Bond 2027 Prospectus |
Sukuk | US$ 500 million | 5.5% | Semi-Annual | 31 October 2025 | Tabreed Sukuk 2025 Prospectus |
Since 2018, Tabreed has implemented a conservative debt policy to maintain Investment Grade Status and optimal debt structure.
Title | Long-term Issuer Rating | Last Update | Outlook | Link |
---|---|---|---|---|
Moody’s | Baa3 | Stable | 21 December 2023 | Moody’s Credit Opinion Tabreed |
Fitch | BBB | Stable | 5 March 2024 | Fitch Credit Rating Tabreed |